Good Gaming Announces Closing
of $3.1 Million Private Placement Offering
KENNETT SQUARE, PA -- November 16,
2021 -- InvestorsHub NewsWire -- Good Gaming, Inc. (OTCQB:
GMER), today announced the closing of its previously
announced private placement offering of 20,733,337 shares of its
common stock (or common stock equivalents in lieu thereof) and
warrants to purchase up to an aggregate of 20,733,337 shares of
common stock. The combined purchase price for one share of common
stock (or common stock equivalent) and a warrant to purchase one
share of common stock is $0.15. The warrants have an exercise price
of $0.20 per share, are immediately exercisable and will expire
five and one-half years from the issuance date.
H.C. Wainwright & Co. acted as
the exclusive placement agent for the offering.
The gross proceeds from the private
placement offering were approximately $3.1 million. The Company
intends to use the net proceeds to expand and promote MicroBuddies
as well as for working capital and general corporate
purposes.
The securities described above,
including the shares of common issuable upon the exercise of the
warrants, were offered in a private placement under Section 4(a)(2)
of the Securities Act of 1933, as amended (the "Act") and
Regulation D promulgated thereunder, and have not been registered
under the Act or applicable state securities laws. Accordingly,
such securities, including the shares of common issuable upon the
exercise of the warrants, may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.
Under an agreement with
the investors, the Company is required to file an initial
registration statement with the Securities and Exchange Commission
covering the resale of the shares of common stock to be issued to
the investors and shares of common stock underlying the warrants
described above within 15 calendar days and to use its best efforts
to have the registration statement declared effective as promptly
as practical thereafter, and in any event no later than 90 days in
the event of a "full review" by the Securities and Exchange
Commission.
This press release does not
constitute an offer to sell or the solicitation of an offer to buy,
nor there any sales of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
About Good Gaming:
Good Gaming is an
innovative brand leading the gaming industry across multiple
segments in the space since 2008. Beginning with our roots as a
collaborative space for gamers to share their knowledge, we went on
to establish ourselves as one of the leaders in hosting Hearthstone
tournaments. In 2016, we expanded our reach to include establishing
multiple Minecraft servers with some of the most popular versions
of Prison and SkyBlock, then developing our completely
custom-developed NFT blockchain game, MicroBuddies™, in 2021. The
Good Gaming advantage comes from our development team's close
relationship with the player communities of all of our games. The
constant communication and resulting feedback further expand our
proprietary content, and we continue to be influencers in the
realm. Good Gaming continues to find exciting and innovative ways
to branch across the gaming industry. As a staff and community, our
goal is to cement our place as a fun and collaborative place for
ALL gamers to enjoy.
Safe Harbor:
This
release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Good Gaming Inc., its directors or its officers
with respect to, among other things, the use of proceeds from the
private placement offering. The words "may," "would," "will,"
"expect," "estimate," "can," "believe," "potential," and similar
expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond Good
Gaming Inc.'s ability to control, and that actual results may
differ materially from those projected in the forward-looking
statements as a result of various factors. More information about
the potential factors that could affect the business and financial
results is and will be included in Good Gaming, Inc.'s filings with
the Securities and Exchange Commission, including those set forth
as "Risk Factors" in such filings. These forward-looking
statements speak only as of the date hereof, and Good Gaming Inc.
disclaims any obligation to update these forward-looking
statements, except as required by law.
MEDIA
CONTACT:
Public Relations and
Shareholder Information:
Joseph M. Vazquez
III
Phone: (888)
245-3005
Email: infinityglobalconsulting@gmail.com